{"id":24058,"date":"2023-10-18T08:27:08","date_gmt":"2023-10-18T08:27:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana\/"},"modified":"2023-10-18T08:27:08","modified_gmt":"2023-10-18T08:27:08","slug":"ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana\/","title":{"rendered":"LDO token takes a hit after Lido DAO votes to end liquid staking on Solana"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697614176432-e5851ce2-335b-4503-9fe3-d73b4de04033-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697614176432-e5851ce2-335b-4503-9fe3-d73b4de04033-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697614176432-e5851ce2-335b-4503-9fe3-d73b4de04033-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697614176432-e5851ce2-335b-4503-9fe3-d73b4de04033-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul class=\"decimal_type\">\n<li>Lido DAO sunsets Solana project due to financial issues, backed by 92% community vote.<\/li>\n<li>P2P team considered $1.5M funding or Solana exit due to $484,000 losses.<\/li>\n<li>Solana staking to be halted by February 2024.<\/li>\n<\/ul>\n<p>In a decisive move, Lido DAO has chosen to sunset the Lido on Solana project, following a resounding <a href=\"https:\/\/snapshot.org\/#\/lido-snapshot.eth\/proposal\/0x37c958cfa873f6b2859b280bc4165fbdf15b1141b62844712af3338d5893c6c8\">community vote<\/a> in favour of this course of action. The decision has been attributed to the project\u2019s financial constraints, leaving it unsustainable.<\/p>\n<p>Following the move, the <a href=\"https:\/\/coinjournal.net\/lido-dao\/\">value of the LDO token<\/a>, Lido DAO\u2019s native cryptocurrency, has dropped by almost 4% in the past few hours.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 615px\"><span class=\"fr-img-wrap\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/09\/18\/1697613512127-4ecedbea-e39e-4924-a8ed-dd4a71e66301.jpg\" class=\"fr-fic fr-dib\" width=\"615\" height=\"381\"\/><span class=\"fr-inner\" style=\"background: transparent;position: relative\"><em>Lido DAO (LDO) price chart<\/em><\/span><\/p>\n<p><\/span><\/span><\/div>\n<h2>Sunsetting Lido on Solana<\/h2>\n<p>The Lido on Solana project will undergo a phased sunset process over the coming months. Notably, stSOL token holders will have until February 2024 to unstake their assets through the Lido on the Solana frontend.<\/p>\n<p>This decision was reached after extensive deliberations and a community vote, with over 92% of Lido token holders endorsing the sunsetting of the Lido on Solana protocol. The alternative option, which garnered just over 7% support, involved providing additional funding to the project.<\/p>\n<h2>Financial considerations<\/h2>\n<p>The P2P validator team, responsible for Lido on Solana, presented two scenarios to the community. The first scenario was to infuse $1.5 million in funding to sustain the project, while the second was to exit the Solana blockchain.<\/p>\n<p>The financial details revealed that the team invested approximately $700,000 into development and support, but their revenue amounted to only $220,000, resulting in a significant loss of $484,000. Should the community have chosen the sunsetting option, the P2P team would have relied on $20,000 per month in support from Lido DAO for technical maintenance over a period of five months, commencing from September 4, 2023.<\/p>\n<p>The decision to wind down the Lido on Solana project, despite strong relationships across the Solana ecosystem, was deemed necessary for the broader success of the Lido protocol ecosystem.<\/p>\n<p>This isn\u2019t the first instance of Lido discontinuing its liquid staking solutions. Prior to this, Lido had already ceased liquid staking operations on Kusama and Polkadot.\u00a0<\/p>\n<p>The sunsetting process on Solana will include an immediate halt to staking, voluntary off-boarding for node operators beginning on November 17, 2023, and a final date for stSOL token holders to unstake by February 4, 2024, via the Command Line Interface (CLI).<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/ldo-token-takes-a-hit-after-lido-dao-votes-to-end-liquid-staking-on-solana\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Lido DAO sunsets Solana project due to financial issues, backed by 92% community vote. P2P team considered $1.5M funding or Solana exit due to $484,000 losses. Solana staking to be halted by February 2024. In a decisive move, Lido DAO has chosen to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":24059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24058"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24058"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24059"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}